KUALA LUMPUR: Partnering with Carsome, PolicyStreet is introducing Carsome Care+, a first-of-its-kind car personal accident coverage that also covers your car loan payments in the event of unemployment.
The complimentary coverage is valid for a year and is embedded into every purchase of a Carsome certified car, available to Malaysians who apply for car loans from Carsome Capital without any additional cost.
It also includes personal accident coverage of up to RM10,000 in the event of accidental death or permanent disablement.
The loan protection add-on in Carsome Care+ covers car loan payments of up to RM1,000 per month for a maximum of six months.
The Carsome Care+ coverage also includes weekly hospitalisation benefits, smart key protection in the event of theft or accidental damage, theft of personal belongings kept inside the car, and travel allowance
for the transportation of the policyholder’s children to school and tuition classes.
Policyholders who want to claim the Carsome Care+ Coverage can email their bank statement and Employment Insurance System (EIS) claim documentation to claim@policystreet.com.
PolicyStreet is a regional full-stack insurance technology (insurtech) group of companies providing cutting-edge digital insurance solutions to businesses and consumers in Southeast Asia and Australia.
PolicyStreet works directly with over 40 life, general, and takaful providers globally to offer a comprehensive range of products and services.
As a licensed reinsurer and general insurer by the Labuan Financial Services Authority (LFSA), an approved Financial Adviser and Islamic Financial Adviser by Bank Negara Malaysia (BNM), and a licensee of the
Australian Financial Services License by the Australian Securities and Investments Commission (ASIC), PolicyStreet is able to underwrite, customise policies, and provide unbiased advice to its clients and partners worldwide.
PolicyStreet is backed by the Malaysian sovereign wealth fund, Khazanah Nasional Berhad, and serves over five million customers with over US$6bil in sum insured.
"While car insurance is mandatory for road-legal vehicles, there are no regulations to ensure that the drivers themselves are protected while on the road,” says Yen Ming Lee, co-founder and CEO of PolicyStreet.
“Through our partnership with Carsome, we hope to narrow the protection gap and protect underinsured Malaysian drivers. By embedding the Carsome Care+ protection into the car purchasing journey, we can offer drivers purposeful insurance coverage without the added financial burden,” he says.
Meanwhile, Carsome is known as Southeast Asia’s largest integrated car e-commerce platform.
Carsome co-founder and group CEO Eric Cheng said, "This insurance policy goes beyond the usual after-sales services. We understand the worries and uncertainties that come with car ownership, and that's precisely why we've partnered with PolicyStreet to provide this added layer of protection.”
